Charlie Lee reaffirmed his commitment to funding Litecoin adoption and development.
Litecoin’s founder and the non-profit’s executive director, the Litecoin Foundation, reaffirmed its commitment to the project in a conversation with CoinDesk following recent concerns about the organization’s finances and spending.
“The goal, of course, is to enable the Litecoin Foundation to become self-sustaining through donations, partnerships, and product sales.” — “Until that point is reached, I have and will continue to support the Litecoin Foundation financially as needed.” —Charlie Lee
Lee told Coindesk that this is not just the foundation’s problem, as many projects in the sector were hit by the bear market period in 2018. An examination of the organization’s public financial reports found that Lee’s donations accounted for about 80% of its total funding since its founding in 2017. In particular, a large donation equivalent to $468,000 worth of Litecoin was made in December 2017.
Director Xinxi Wang explained the situation in an interview with Chinese news site Xcong:
“I don’t think there is a correlation between giving and passion.” “First, we did not actively solicit donations from the community in the first quarter. Second, the price of Litecoin is low, so donating the same amount of Litecoin is now worth less than before. “In the second quarter, we received donations worth hundreds of thousands of dollars.”
The foundation has been criticized for its focus on marketing and partnerships with sports teams and celebrities such as the UFC, Miami Dolphins, Nascar driver Landon Cassill and soccer player CJ Sapong. All of them are scheduled to attend the upcoming Litecoin summit in October. this year. This move was made with the hope that getting the name out there would help drive adoption and real-world use of Litecoin. But some people question whether the six-figure fee is worth it or whether the money would be better allocated elsewhere.
In response, Lee recognized concerns, especially when it emerged that little progress had been made on the development front. series of tweets:
“As the year went on, I got sidetracked by other things that needed my attention. This includes the Litecoin Foundation’s work on adoption and awareness: Mammoth Film Festival, Glory Kickboxing, Feel the Kpop Concert, Flexa SPEDN Support, Miami Dolphins, and more!” “The purpose of the Litecoin Foundation is two-fold: to work on Litecoin adoption and to work on Litecoin development. Over the past few months, I have believed that adoption and awareness are more important focuses for me than development. But I agree that both are important in the long run.” “MW/CT dropped the ball. I apologize for that. However, it is not at all correct to say that I tied people up and deceived them. Except for the first tweet, I didn’t say it was 2019. When asked, they only said things were progressing slowly and they would update when they became available.” “That said, I think it’s time to shift the focus from adoption to development. I still think fungibility is very important and will get the ball rolling again on MW/CT. “I won’t promise a date this time,” he said.
Disclaimer — Written by Franklyn Richards, Director of the Litecoin Foundation.
